A favorable balance as per Pass Book means: MCQ with Answer and Explanation

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A favorable balance as per Pass Book means:

A. Overdraft

B. Nil balance

C. Credit balance

D. Debit balance

Answer: Option C

Solution (By JKSSB Mock Tests)

From the bank's perspective, customer deposits are liabilities. A positive (favorable) balance is therefore a credit balance in the Pass Book.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which of the following is a feature of 'Process Costing'?

A. Used for construction contracts

B. Each job is separate

C. Costs are accumulated by processes

D. Used for unique products

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Correct Answer: Option C

Explanation:
Process costing applies to continuous production where output is homogeneous, costs tracked by process.

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Question #2

Which of the following is a feature of the Indian Financial Management System?

A. Use of appropriation accounts

B. Absence of audit

C. Decentralized budgeting only

D. Zero-based budgeting is prohibited

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Correct Answer: Option A

Explanation:
Indian government accounting uses appropriation accounts to compare actual spending against grants approved by Parliament.

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Question #3

The 'Zero-Rated Supply' under GST includes:

A. Nil-rated supplies

B. All supplies

C. Exempt supplies

D. Exports and supplies to SEZ

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Correct Answer: Option D

Explanation:
Zero-rated supplies attract 0% GST, and input tax credit is available.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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